Insights

57 Insights

Higher Quality High Yield: Addition by Subtraction
New
Commentary

Higher Quality High Yield: Addition by Subtraction

High yield bonds have historically delivered attractive long-term returns, and since the Great Financial Crisis they have also become higher quality, as weaker borrowers have departed the sector for the private credit and leveraged loan markets.
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Financial Advisor Magazine: Osterweis Bets Big on U.S. Despite Trump-Fueled Volatility
News

Financial Advisor Magazine: Osterweis Bets Big on U.S. Despite Trump-Fueled Volatility

Nael Fakhry discusses why his team is sticking with U.S. equities, given their focus on quality growth companies that are well positioned for the current market environment.
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Second Quarter Equity Outlook
Outlook

Second Quarter Equity Outlook

While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
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April 9 Webinar Replay - Osterweis Strategic Income Fund Q1 Update
Video

April 9 Webinar Replay - Osterweis Strategic Income Fund Q1 Update

If you were unable to join our quarterly webinar, watch the replay to hear updates on the Osterweis Strategic Income Fund (recorded during the announcement of a pause in some tariffs).
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Second Quarter Strategic Income Outlook
Outlook

Second Quarter Strategic Income Outlook

Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
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Bloomberg's Inside Active Podcast - Interview with Bryan Wong
Podcast

Bloomberg's Inside Active Podcast - Interview with Bryan Wong

Listen to an interview recorded January 21 with Bryan Wong on Bloomberg’s "Inside Active" podcast, where he discusses why evaluating small cap companies requires a disciplined and long-term approach.
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What is a Small Cap Growth Fund?
Perspective

What is a Small Cap Growth Fund?

In this primer we define small cap growth funds, provide practical suggestions on how to invest in them, and explain why we believe they are a strategically important asset class.
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First Quarter Equity Outlook
Outlook

First Quarter Equity Outlook

Equity markets are facing a variety of headwinds, but the economy remains strong, and we believe there will be ample opportunities to invest in attractively valued quality growth companies in 2025.
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First Quarter Strategic Income Outlook
Outlook

First Quarter Strategic Income Outlook

Although we are loath to make predictions, conditions appear to be favorable for fixed income in the coming year, and we think investors should consider adjusting their allocations accordingly.
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CNBC: How to invest $50,000 in 2025 to maximize returns with the lowest risk
News

CNBC: How to invest $50,000 in 2025 to maximize returns with the lowest risk

Find out why CNBC recently highlighted the Osterweis Strategic Income Fund as a good fit for the current market environment.
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Rethinking the Core
Video

Rethinking the Core

Investment grade bonds continue to struggle. In this video John Sheehan, portfolio manager for the Strategic Income Fund, explains why investors may want to consider alternatives to traditional core allocations.
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Money Life with Chuck Jaffe: Interview with Nael Fakhry
Podcast

Money Life with Chuck Jaffe: Interview with Nael Fakhry

Portfolio Manager Nael Fakhry makes his debut on "Market Call," a segment of the Money Life podcast, where he discusses the team's methodology behind the Growth & Income Fund and examples of what they consider quality growth stocks.
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What is a Quality Growth Company?
Video

What is a Quality Growth Company?

Watch Nael Fakhry, Portfolio Manager for Core Equity, discuss how the Core Equity team defines a quality growth company, including what it means for a company to have good governance.
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The Benefits of a Flexible Core
Perspective

The Benefits of a Flexible Core

Investment grade bonds have long been synonymous with a “core” fixed income allocation, but we believe a flexible strategy also belongs in most bond portfolios, as managers can adjust their exposure based on market conditions.
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Fourth Quarter Equity Outlook
Outlook

Fourth Quarter Equity Outlook

Thanks to a variety of structural advantages, including favorable demographic trends, we believe the U.S. remains the most attractive investment environment in the world.
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Fourth Quarter Strategic Income Outlook
Outlook

Fourth Quarter Strategic Income Outlook

Credit indices rallied during the third quarter, despite a variety of economic headwinds, and it appears FOMO (fear of missing out) is fueling the bullish sentiment more than fundamentals.
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Forbes: This Veteran Stock Picker Beats the Market Following These Strict Rules
News

Forbes: This Veteran Stock Picker Beats the Market Following These Strict Rules

How has our small cap growth-focused Osterweis Opportunity Fund beaten the market? Read a Forbes Daily Cover article to find out about the team's disciplined valuation approach and why it has served them well over the years.
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It's a Market of Bonds, Not a Bond Market
Video

It's a Market of Bonds, Not a Bond Market

Watch Craig Manchuck, Portfolio Manager for Strategic Income, discuss the differences in the investment grade and high yield markets and why it is critical to carefully evaluate each bond as a potential investment.
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TheStreet: $177 million fund manager picks three blue chip stocks
News

TheStreet: $177 million fund manager picks three blue chip stocks

Nael Fakhry, Portfolio Manager for the Osterweis Growth & Income Fund (OSTVX), recently spoke to TheStreet about his team's investment philosophy, stocks versus bonds, and three of his favorite stocks.
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Morningstar Prospects List: Osterweis Opportunity Fund Profile
News

Morningstar Prospects List: Osterweis Opportunity Fund Profile

Morningstar recently published a profile on the Osterweis Opportunity Fund (OSTGX) in its prospects list. The profile delves into the team's wealth of experience and their bold approach to investing.
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Third Quarter Equity Outlook
Outlook

Third Quarter Equity Outlook

As the U.S. evolved from a goods economy to a services economy, expansionary cycles more than doubled in length. But a recent resurgence in manufacturing may be taking us back to the future.
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Third Quarter Strategic Income Outlook
Outlook

Third Quarter Strategic Income Outlook

As we survey the economic landscape, we are reminded of Otis Redding’s classic hit, which is all about patience. “Looks like nothing’s gonna change, everything still remains the same.”
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June 26 Webinar Replay - Not All High Yield is Junk
Video

June 26 Webinar Replay - Not All High Yield is Junk

If you were unable to join the Not All High Yield is Junk webinar, watch the replay to learn why ratings alone are insufficient to define such a diverse and dynamic market and how investors can utilize market inefficiencies to construct high yield portfolios with risk profiles similar to investment grade portfolios.
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The Case for Health Care: A Double Dose of Cyclical and Secular Growth
Perspective

The Case for Health Care: A Double Dose of Cyclical and Secular Growth

We believe the health care sector is currently experiencing two cyclical trends — higher utilization rates and increased biotech funding — that will act as tailwinds for an industry that also consistently benefits from strong secular growth.
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Active Pays in Small Cap Growth
Perspective

Active Pays in Small Cap Growth

Market inefficiencies create opportunities for active managers. We believe there are more mispriced companies in small cap growth than in other equity markets, and we have developed an approach that allows us to capitalize consistently when we find them.
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A Single Source for Both Income and Capital Appreciation?
Perspective

A Single Source for Both Income and Capital Appreciation?

The Osterweis Growth & Income Fund (OSTVX) is designed to deliver equity-like returns while also providing consistent and growing income. Using a flexible and conservative — but somewhat unconventional combination of assets — we have created a single solution that addresses multiple investment objectives and also limits volatility and tax exposure.
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Business Breakdowns Podcast - Interview with Nael Fakhry
Podcast

Business Breakdowns Podcast - Interview with Nael Fakhry

Listen to a recent interview with Nael Fakhry on the Colossus "Business Breakdowns" podcast, where he discusses what makes AMETEK a Quality Growth company.
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Patience Pays: Leaning Into the Inverted Yield Curve
Perspective

Patience Pays: Leaning Into the Inverted Yield Curve

We have always maintained it is better to accept what the market has on offer than to stretch for returns. Thanks to the inverted yield curve and our flexible mandate, the current environment is making it easier than ever to be patient while we wait for fat pitches.
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What Is Small Cap Growth?
Video

What Is Small Cap Growth?

In this video, Bryan Wong, Portfolio Manager for the Osterweis Opportunity Fund, explains how we define small cap growth and why we believe it is a core asset class.
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Cash from Trash: Renewable Natural Gas
Perspective

Cash from Trash: Renewable Natural Gas

Innovation and growth may not be the first words that come to investors’ minds when thinking about the waste management industry, but they should be.
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Money Life with Chuck Jaffe: Interview with Bryan Wong
Podcast

Money Life with Chuck Jaffe: Interview with Bryan Wong

Dive into small cap growth investing with Portfolio Manager Bryan Wong in his recent interview on “Money Life with Chuck Jaffe." Hear his insights on our investment approach and some current names in the Osterweis Opportunity Fund.
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Morningstar Features Insights from Carl Kaufman
News

Morningstar Features Insights from Carl Kaufman

Read Strategic Income lead portfolio manager Carl Kaufman’s current thoughts on the Fed in a Morningstar article titled: "Why Is Everyone Always Wrong About the Fed?"
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A Differentiated Approach to Small Cap Growth
Perspective

A Differentiated Approach to Small Cap Growth

As small cap growth investors, we are singularly focused on identifying exceptional companies that have the potential to “graduate” to mid- and large-cap companies. By consistently focusing on smaller companies, leveraging our experience, staying disciplined in terms of valuation, and investing only in our best ideas, we have been able to deliver consistent outperformance over time.
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20+ Years of Common Sense Investing: Our Top 5 Principles
Perspective

20+ Years of Common Sense Investing: Our Top 5 Principles

We have always believed that common sense is the key to successful investing. Since launching our Strategic Income Fund over two decades ago, our straightforward, flexible approach has allowed us to navigate all types of markets and consistently deliver strong risk-adjusted returns over time.
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Forward Guidance Podcast - Interview with Craig Manchuck
Podcast

Forward Guidance Podcast - Interview with Craig Manchuck

Listen to a recent interview with Craig Manchuck on the "Forward Guidance" podcast, where he discusses the end of the zero interest rate era.
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Catching the Wave: Why Secular Growth Matters
Perspective

Catching the Wave: Why Secular Growth Matters

In our view, the specific market dynamics that influence a company's sales growth prospects have a greater impact on equity returns than the overall direction of the economy.
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TheStreet: Money manager says you should consider these 3 small-cap growth stocks
News

TheStreet: Money manager says you should consider these 3 small-cap growth stocks

Bryan Wong, Portfolio Manager for the Osterweis Emerging Opportunity Fund (OSTGX), recently spoke to TheStreet about his team's investment philosophy, why they like small-cap growth stocks, and what industries he feels are the most attractive in the small-cap growth universe.
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Artificial Intelligence: A Seismic Secular Growth Opportunity
Perspective

Artificial Intelligence: A Seismic Secular Growth Opportunity

Artificial intelligence (AI) has been top-of-mind for investors for much of 2023, fueling a strong rally in the S&P 500. While it may take time for AI to have a similar impact on small cap stocks, we share the market’s enthusiasm and believe AI has the potential to become one of the most disruptive secular growth trends ever.
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Deconstructing Alpha - Interview with Carl Kaufman: Why Income, Why Now?
Podcast

Deconstructing Alpha - Interview with Carl Kaufman: Why Income, Why Now?

Listen to a recent interview with Carl Kaufman on the "Deconstructing Alpha" podcast, where he discusses the inverted yield curve and the current bond market.
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Focus on Dividend Growth, Not Dividend Yield
Perspective

Focus on Dividend Growth, Not Dividend Yield

Dividends have historically played an important role in shareholder returns. In our view, companies that pay growing cash dividends also tend to reinvest in themselves, which can drive growth in cash flow and provide attractive returns with less volatility over time.
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Osterweis Strategic Income Fund Named Best Multi-Sector Income Fund (3-year category) in the 2023 Refinitiv Lipper Fund Awards
Perspective

Osterweis Strategic Income Fund Named Best Multi-Sector Income Fund (3-year category) in the 2023 Refinitiv Lipper Fund Awards

Osterweis Capital Management's Strategic Income Fund (OSTIX) has been named a 2023 Refinitiv Lipper U.S. Fund Awards Winner as the Best Multi-Sector Income Fund Over Three Years.
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Small Cap Growth Investing Across Market Cycles
Perspective

Small Cap Growth Investing Across Market Cycles

Markets are unpredictable, which is one of many reasons it is difficult to consistently deliver alpha over long periods. In their latest commentary, our small cap growth team explains why their approach to managing the trade-off between risk and reward gives them the opportunity to outperform across market cycles.
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Dividend Growth Stocks and High Yield Bonds: An Innovative Approach to Generating Investment Income
Perspective

Dividend Growth Stocks and High Yield Bonds: An Innovative Approach to Generating Investment Income

Generating investment income is challenging, especially in the low-yield environment we have been living with for the past decade. We believe that combining dividend growth stocks with an allocation to shorter-duration non-investment grade bonds is an effective solution.
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Kiplinger: The Osterweis Strategic Income Fund is Discussed in this Field Guide to Income Investment Opportunities
Perspective

Kiplinger: The Osterweis Strategic Income Fund is Discussed in this Field Guide to Income Investment Opportunities

This Kiplinger article quotes Carl Kaufman, who describes the Osterweis Strategic Income Fund's (OSTIX) tendency to perform well in down markets.
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Strategic Income Fund: Built to Withstand Challenging Markets
Perspective

Strategic Income Fund: Built to Withstand Challenging Markets

Bonds have started slowly in 2022 due to persistent inflation, a looming Fed tightening cycle, and the Russia/Ukraine conflict. We believe the Osterweis Strategic Income Fund is well-positioned to address these challenges, as its flexible mandate and defensive approach help to protect against rising rates and market volatility.
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In Search of Upside: Finding Opportunities in Small Cap Growth
Perspective

In Search of Upside: Finding Opportunities in Small Cap Growth

Small cap growth stocks lagged for most of 2021 as the market simultaneously dealt with the pandemic, inflation, and tightening Fed policy. Given these challenges, we have been focusing on high quality companies trading at attractive valuations, and we have also been looking at non-technology businesses that are embracing digitization.
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Orion's Weighing Machine Podcast: Interview with Carl Kaufman
Podcast

Orion's Weighing Machine Podcast: Interview with Carl Kaufman

Carl Kaufman was featured a recent edition of Orion’s "The Weighing Machine" podcast. During the podcast, Carl discussed how he got into the business and the strategy behind the Strategic Income Fund.
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Deconstructing Alpha: Interview with Carl Kaufman
Podcast

Deconstructing Alpha: Interview with Carl Kaufman

Listen to a recent interview with Carl Kaufman on the "Deconstructing Alpha" podcast, where they discuss the history and active management of the Strategic Income Fund, as well as investing in the current low interest rate environment.
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Why Secular Growth Matters, and How We Find It
Perspective

Why Secular Growth Matters, and How We Find It

Growth stocks have lagged cyclicals so far in 2021, but we remain steadfast in our belief that secular growth is the key to generating long-term returns. In this piece, we discuss how we find attractive opportunities in the small cap universe.
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Price Makers, Share Gainers, and Compounding Machines: Three Quality Business Models
Perspective

Price Makers, Share Gainers, and Compounding Machines: Three Quality Business Models

Defining a quality business is easier said than done. We have found that the highest quality businesses either consistently exercise pricing power while maintaining market share or consistently grow market share by undercutting incumbents. A choice few companies we call “compounding machines” can both raise price and increase market share.
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In a Speculative Market, Focus on Fundamentals
Perspective

In a Speculative Market, Focus on Fundamentals

As investors have become more optimistic about the U.S. economy, speculative activity has become a progressively bigger driver of returns, particularly in small and micro-cap stocks. While we always welcome an equity rally, in volatile environments like this, we believe it is more critical than ever to focus on fundamentals and invest only in the highest quality firms.
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The Case for Waste: Finding Growth in Garbage
Perspective

The Case for Waste: Finding Growth in Garbage

Although investors don’t normally think about trash when they’re looking for growth stocks, we believe the solid waste industry is well-positioned to outperform. In our view, the combination of high barriers to entry, stable demand, and opportunities for consolidation should provide reliable revenue growth for the foreseeable future.
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When Evaluating Venture-Backed Initial Public Offerings, Patience Is a Virtue
Perspective

When Evaluating Venture-Backed Initial Public Offerings, Patience Is a Virtue

The venture capital industry has created a robust pipeline of new public companies, but in our view discipline is the key to finding the best opportunities.
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Aligned Incentives: Our Key to Navigating the Diverse High Yield Market
Perspective

Aligned Incentives: Our Key to Navigating the Diverse High Yield Market

In our experience, family-owned private firms and small-to-medium sized public companies are most likely to borrow responsibly and prioritize bondholders ahead of other investors.
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Convertible Bonds: An Underappreciated Source of Alpha
Perspective

Convertible Bonds: An Underappreciated Source of Alpha

Although most investors ignore the opportunities presented by these flexible fixed income securities, they are an integral component of our strategy.
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A New Paradigm for Stocks: Digital vs. Decline, Not Growth vs. Value
Perspective

A New Paradigm for Stocks: Digital vs. Decline, Not Growth vs. Value

As the influence of technology continues to increase, we believe investors need to reconsider the relevance of both the traditional style matrix and sector classifications.
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Leveraged Buyouts: Risks May Lurk Beneath the Surface of These Popular Deals
Perspective

Leveraged Buyouts: Risks May Lurk Beneath the Surface of These Popular Deals

The recent Blackstone->Thomson Reuters acquisition reminded us once again why we need to be extra vigilant when evaluating sponsor backed deals.
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